North Palm Beach, Fla. — May 31, 2007 (Bankrate.com) — Rates on 15-year fixed mortgages in the United States rose 1 basis point to 5.69 percent on Thursday, according to Bankrate.com’s daily Your Best Interest report. A basis point is one-hundredth of a percent. The mortgages in the survey had an average of 0.62 discount and origination points.
A 15-year jumbo mortgage is a home loan that exceeds the limits set by Fannie Mae and Freddie Mac (the 2004 limit is $359,650; $539,475 in Alaska, Hawaii and the U.S. Virgin Islands). Jumbo mortgages generally have a slightly higher interest rate than smaller (sometimes called “conventional” or “conforming”) mortgages. Someone taking out a $165,000.00 15-year fixed mortgage at the current average would pay $1,364.88 a month for the life of the loan.
Nationally, the highest rate on a 15-year fixed mortgage was 7.375 percent. The lowest rate was 4.625 percent. Six months ago, the average rate was 5.43 percent.
To see all of the results of Bankrate.com’s surveys, go to www.bankrate.com.
The Your Best Interest report is a daily service of Bankrate.com, a financial news and information service based in North Palm Beach, Fla. Bankrate surveys more than 300 financial products from more than 4,800 institutions in all 50 states.
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